Categories: Tips

10 Business Resolutions That Every Entrepreneur Should Make This Year

New Year come with new opportunities and filled with hope for both individuals and entrepreneurs alike. It is perhaps high time to make resolutions for your existing or new business. Also establish goals to achieve in 2023 and beyond.

Top 10 Business Resolutions to make this year

1. Avoid reducing marketing budget:

Companies that try to maintain marketing expenditures even during peak recession times, tend to emerge stronger. Proper strategies devised can help ensure better long-term ROI. Maintaining marketing budget can help your company to be stable and bounce back quickly.

2. Do not allow recession to alter business growth plans:

Recession time should not stop your business from growing, especially if it is on a successful growth trajectory. You need to take well-calculated risks and might require enduring short-term pain. But if you stick to your well developed strategies, then you can derive long-term gain.

3. Positive work environment:

Workplaces have been trying to understand and explore the ‘new normal’ after the long Covid-19 pandemic. Some are facing trouble trying to establish their work environments. Many employees prefer to continue their WFH (Work from Home) practices. You may establish flexible work schedules. Try to strike appropriate balance. Positive working environment combined with time management practices will ensure greater productive and happy employees.

4. Identify, retain productive people:

Be it bear or bull market, good employees are desired by all businesses. You may be tempted to carry out all activities by yourself in your small business. But it is not viable or sustainable in the long run. Hence, create good Online Presence for your business and recruit talents.

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5. Network:

Although networking might not offer instant results, it can help grow your small business in the long run. Create new connections and retain existing ones. It is sure to benefit your business immensely. Establish goals to achieve and try to connect with a single contact every month. Develop strong relationship with those within your network and increase business contacts.

6. Update business plan:

Generally, it is a document that has details of where to obtain capital for the new startup. It also helps your small business with proper roadmap, thus allowing moving in the right direction. This, in turn, can help you to reach short-term and long-term goals. Also revisit business plan periodically and update it constantly.

7. Develop your brand continuously:

Identify target audience. Find out what they desire and how you as a brand can help provide them with solutions for their needs. Use social media wisely. Promote your brand on Facebook, Instagram, LinkedIn, Quora, etc. and develop strong Online Presence. It allows reach young demographic quickly.

8. Streamline process by adopting latest technology:

Technology has been evolving very fast. Using them properly can help enhance organizational efficiency and overall productivity. Automate some aspects of your business to ensure things run smoothly. Also keep track of expenses. Automation process saves money and time. Use tools such as Zoom to schedule meetings and reduce travel expenses.

9. Focus on yourself:

This is something most entrepreneurs tend to avoid and thus, lose out on steam. You need to give quality time to yourself. This is possible by devising proper time management. Focus on vital things outside work. Give time to family, friends and on health.

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10. Focus on others:

Gen Z is found to place high value especially on causes. They are socially more conscious when compared to Gen X and even Millennials. They have own unique identities, social justice, and value diversity. They are also politically active and socially conscious when compared to previous generations. Social media can help tap this demography.

Thus, you should set Business Resolutions at the earliest and follow them sincerely to achieve set goals.